The South African Financial Minister, Nhlanhle Nene, steps down from post due to the Gupta Scandal

South African finance minister Nhlanhla Nene has stepped down from his post and his resignation was accepted by President Cyril Ramaphosa "in the interests of good governance".

Ramaphosa, in a televised address, confirmed that he accepted Nene's resignation due to "errors of judgment" as a result of a controversy surrounding Nene's testimony in an ongoing graft inquiry, CNN reported. "After due consideration of the circumstances around this matter and in the interest of good governance, I have decided to accept his resignation," the South African President said.

Following Nene's resignation, former South African Reserve Bank Governor, Tito Mboweni, was sworn-in as the country's new Finance Minister.

Recently, Nene recently admitted in the inquiry that he met the members of the Gupta family, a wealthy household, who had emigrated from India to South Africa decades ago, and established a business empire in the African nation, spanning from media to mining. The Guptas have been accused of undue political influence, working with former President Jacob Zuma to secure government contracts and determine cabinet appointments. Both the Gupta family and Zuma denied the charges.

In December 2015, Nene was controversially removed from the post by Zuma. He was, however, reappointed by Ramaphosa after he took office in February this year. The scandal-hit Zuma had resigned in February after he faced massive furore from his own ruling African National Congress (ANC) lawmakers over corruption charges. Following Zuma's resignation, the Gupta brothers fled the country in April and have been absconding since then.

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ABOUT THE GUPTA CONTROVERSY

The Indian-origin Gupta family owns a massive business in South Africa dealing in computers, media and mining. It came under criticism on alleged ties to the former Prime Minister of South Africa, Jacob Zuma, during the time he held office. It has caused much political scandal and has claims regarding corruption, influence on the government which directly or indirectly is beneficial for the family. Reportedly, the Gupta family's name has been involved in various activities in the countries raising suspicion on the abuse of power. Both Mr Zuma and the Gupta family have continually denied any allegations charged against them.